Developments on Ethereum (ETH) Blockchain Could take Up 50% of Bitcoin’s Dominance, Says Analyst

The native digital currency of the Ethereum blockchain – the most popular blockchain in the world for digital currency ventures – could take up to 50 percent of Bitcoin (BTC)’s market cap in the next five years, says a tech analyst.

Despite seeing declines of more than 85 percent from its all-time high, Ian McLeod, an analyst from an art agency – Thomas Crown Art, which utilizes the blockchain of Ethereum protect against despicable activities in the art industry – said the recent decline in the value of the coin has bottomed, and as the use cases of Ethereum blockchain increases, the value of the coin will make a rapid reversal.

Ian McLeod’s Remark

Ian McLeod said that “not only does he think the value of the digital currency would recover considerably before the end of this year, he believes that the digital currency would significantly dent the dominance of Bitcoin (BTC) in the long run.” He said he believes that Bitcoin (BTC) will lose 50% of its market cap to Ethereum (ETH) within the next five years.

This might be a pretty bold claim to many, considering the present dilemma of ETH which fell from about $1,500 to about $200 in less than a year, taking its market share below 10 percent for the first time this year. Nevertheless, citing the use of Ethereum blockchain at his own company, Ian McLeod said that the blockchain of Ethereum offers more than the blockchain of Bitcoin – the largest digital currency in the world by market cap.

He added that Ethereum blockchain has allowed them to create a system to use artworks as a literal store of value, adding that it also solves provenance and authenticity issues, especially in the art world. McLeod is very bullish on Ethereum blockchain and he said all the artworks of the firm are logged on the blockchain of Ethereum with a unique “smART contract.”